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Gold/Mining/Energy : Precious and Base Metal Investing
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To: russwinter who wrote (392)10/30/2001 11:22:02 AM
From: russwinter   of 39344
 
Postscript on "commodity depression":

From Minerals Information Institute: Average American consumes 37 million lbs of minerals, metal, and fuel in a lifetime. Other countries like China are consuming more and more per capita, not less.

ANGLY, ABX/HM and NEM produce 7 million, 6 1/2 million, and 5 1/2 million ounces of gold a year respectively. They will each need to come up with two world class discoveries a year (with a decent IRR at 275 POG)just to replace production. RTZ at 3 1/2 million, Harmony at 2 1/2 million, Placer Dome at 3 million, Goldfields at 3 1/2, Ashanti at 1 1/2 million, and Normandy at over 2 million will each need to come up with one world class discovery a year. Can anybody name even one new discovery (not just a recycle of each other's existing old production)that any of these companies made or acquired in 2000? How about 2001?

Copper consumption is still running 33 billion pounds a year. To replace would require two very large world class discoveries a year. Can anyone name even one in 1999? 2000? 2001?
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